Short Term Update: Daily Chart at Bitstamp

chartThe bitcoin price reaction from the double bottom at $380 has been very bullish and i believe that we can consider this bottom an important one, at least in the short term. As i pointed out in the previous update the bottom has been very close to the VWAP, which is proving to be a good tool to follow the market when it is both trendy or sideway in a trading range.
I now think that prices will continue to rise until the resistance shown in the attached graph, near $ 1,000.
Weekly range for Bitstamp is 650$-1000$, for BTCchina 4000-6800 CNY and i think it might reach 8500 CNY as target at the end of this month or during December.

Psychologically the threshold of $ 1,000 is a nice goal to reach, as it was to reach in 2011 for the first time a dollar of value. When i started to follow the Bitcoin its value was 30 cents and  it seemed to me that we had reached an incredible milestone crossing one dollar at that time, it is amazing for me to watch bitcoin going to 1,000 dollars of value.


20 thoughts on “Short Term Update: Daily Chart at Bitstamp

  1. Nigel

    hey enky, why is china not leading the market anymore? I get a bit worried when gox is leading, it seems more bipolar investors on there. peace

    1. Enky

      Probably now all the exchanges are rebalancing so i dont think it s negative btcchina not leading the rise.

  2. Andrea Chiavazza

    Apparently they are organizing an international 1k party in Germany:
    Let’s see,,, the admission fee is 1btc and there are already 150 reservations. That will give the organizers a whopping $150000 to put the thing together. I’ve got a feeling they will have some fun down there!
    Is any of you going?

  3. Hi Enky!

    I’ve been following you since about a month and I’m reading tons of information on Chartschool, investopedia (etc) aiming to become a better analyst. I’m also trying to recreate your graphs in Sierra Charts and I thought I got it figured out (you even posted screenshots of your settings in a past post). I want to ask you something about your Bitstamp’s daily vwap chart: today I have a negative value on the bottom band 1 of -22.18. I think I may have something wrong here. All my vwap values are slightly lower than yours and I loaded them exactly as you posted. Is it possible to have a negative bottom band? What does that say about the market?

    1. Enky

      Unfortunately the computation of deviation bands in sierrachart doesnt take in account lognormal distribution so it might happens that the bands sometimes might be negative, simply don’t consider any negative band as trustable ofc:)

  4. Bitcoin black friday seems to be really pulling the prices up. But I’m not convinced it’s going to hold at this level, atleast so quickly.
    I sold out at 950 $ stamp. Holding still Enky?

  5. poor angry man

    Hey yesterday I’ve put a sell order at 00:30 for 936.
    And today I discovered that the order was done at 10:20, so it didn’t filled.. What the fuck happened?

      1. poor angry man

        At btc-e, I used qt-bitcoin trader, I think it comes from that.
        Also, today he has bought ltc at 39.2 when I told him to put a buy order at 38.89. So my ltc are still blocked because I didn’t stop loss.
        Bad day.

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